Workers' comp insurance to rise

In an order addressed to the National Council on Compensation Insurance (NCCI), Florida Insurance Commissioner Kevin McCarty says he would approve a 7.8% increase to Florida's workers' compensation insurance rates. The move effectively rejects NCCI's recommendation of an 8.3% increase.

Scheduled to take effect at the beginning of 2011, the rate hike would be the state's first increase since 2003, as shown in a graph constructed by McCarty's office.

Even after the increase takes effect, however, rates will still be roughly 62% lower than they were in October 2003, before the recent spate of decreases began.